The process of making a Telegraphic Transfer is fast and simple. You start by comparing and then getting a quote from each company to find the best wire transfer deal. These are usually sent to you by email or a trader will contact you via the telephone unless you choose to use a mobile application. Here at EnjoyCompare, we have made this process as simple as possible, so make an informed comparison and start saving today.
All Money Transfer deals are base on the following:
- The amount you want to transfer and the country of origin
- The FX or exchange rate for the foreign currency you are transferring to and from
- The transfer fees or commission for sending your money abroad
- Lastly, the amount you are transferring can affect the deal you are offered, as some money transfer companies may offer better rates if you transfer a large amount of money.
How can I save on my money transfer? Here’s our answer in 60 seconds.
Frequency Asked Questions
- What is an International Money Transfer? An international money transfer is an electronic transfer of funds from one local bank account to another cross-border account. In most cases, the money is transferred from your bank account to an intermediary transfer service, or a bank, who then exchange and send the funds through to your chosen recipient’s bank account.
- What will it cost? To transfer money across borders, there are two ways providers make money, the exchange rate and a transfer fee. You, therefore, need to compare providers to find the best rates and fees, with most transactions costing 1-5% of the total transfer amount.
- What is the Exchange Rate? The Exchange Rate tells you how much of one currency you can exchange for another, for example how many SGD (Singapore Dollars) you get for one GBP (Great British Pound). The Exchange Rate will effects how much money you are able to send when transferring abroad, so getting the best exchange rate is a good start towards finding the best money transfer deal.
- What is the Money Transfer Fee? Most money transfer companies and deals include their fees or commission, in the exchange rate offered The commission used by most travel more companies to cover the administrative costs of sending your money abroad and the Transfer fee is usually free, but some companies charge up to $3 per transfer (depending on multiple factors, so please ensure to check the fine print).
- How safe is my money? This depends on if the provider is ‘Registered’ (no guarantees) or ‘Authorised’ by the Financial Conduct Authority (FCA), in which case your money is ringfenced and you should be able to get it back if the provider goes bust.
If you want to know more about transferring money from Singapore, then check out our Singapore Frequently Asked Questions guide
Most banks in Singapore offer the service to transfer funds and now things got a lot easier with FAST (Fast And Secure Transfers). This standard of payment between over 20 participating banks in Singapore is a new electronic fund transfer service that allows a secure and almost immediate transfer of Singapore Dollar (SGD). Prior to FAST, an interbank funds transfer can take up to 3 working days. This gets interesting if you plan to transfer money to a receiving account in Singapore, as the process is now a lot easier!
Transferring funds or wire transfer as it used to be called, is a lot easier if you work with the experts. The banking industry has had a virtual monopoly on transferring money, until now as the savings are extensive. With WorldFirst, Currencies Direct and TransferWise you can not only transfer money to international location easily and quickly, but you can now set up regular international payment, just like your bank.
If you’re looking to transfer money via telegraphic transfer and want to find the best transfer rates, then you’re in the right place with EnjoyCompare telegraphic transfer comparison table. Our team of experts have pulled together the best transfer partners for you to review, with exclusive rates and promotional offers. So what are you waiting for, compare the best telegraphic transfer services and deals in Singapore today?
How to get the best International Transfer
Here at EnjoyCompare, you can use our comparison engine to find the best transfer company that lets you send money from Singapore to another country around the globe. However before you make an international money transfer, we recommend that you get quotes from each company to find the best deal and it’s best practice to request these to be sent to you by email. Some online money transfer companies may offer better rates if you transfer a large amount of money, like $20,000 SGD or more.